Bvi offshore company formation is regulated and administered by the services commission for ibcs. The same act amended section 531, title of the virgin islands code rate and computation of. Find out more about this topic, read articles and blogs or research legal issues, cases, and codes on findlaw. Forming a british virgin island corporation is quick and easy through our document filing service. Opinion these islands arent just a shelter from taxes. Bvi offshore companies accumulate no tax liability in the bvi and so make it easy for you to go about your affairs internationally in a tax free environment. Apr 18, 2019 the british virgin islands is a british overseas territory, selfgoverened since 1967, with the queen appointing a governor responsible for administration of the british owned portion of the virgin islands archipelago. Responsibilities currently include the registration and post registration filings under the trade marks act, the registration of. Marlins teamco is a citizen of the british virgin islands under federal law governing treaties.
The book provides a deep analytical view of the offshore jurisdictions legal landscape as it relates to companies, partnerships, credit and security, mutual funds. Harneys publishes fourth edition of authoritative bvi. Annual company registration fees provide a significant part of government revenue in the british virgin islands, which accounts for the com. Why and how to form an offshore company in the british. British virgin islands bvi is one of the most popular offshore jurisdictions for trust and entity setup, with an english common law framework and modern and flexible companies legislation.
Thornton smith is a fullservice law firm based in the british virgin islands that provides practical solutions for complex legal and business transactions with a suite of valueadded services to clients. British virgin islands bvi company registration is the most popular offshore business filing choice for people in asia and europe. Bvi business companies act british virgin islands ibc. This is particularly useful for onshore practitioners or company secretaries, providing the context within which companies can operate in a broad range of international. As a british overseas territory, legislation is based on the british legal system and english common law. It is part of an island chain collectively known as the virgin islands, which makes up the northeastern extremity of the greater antilles. As such it is perhaps unsurprising that companies are by far the most popular form of vehicle for businesses domiciled in this jurisdiction. The law of the british virgin islands is a combination of common law and statute, and is based heavily upon english law law in the british virgin islands tends to be a combination of the very old and the very new. Any notice, application, card or other document which is authorized or required to be given, presented, issued or delivered under these regulations may be sent by post.
The british virgin islands financial services commission motto. Bvi bcs are not obliged to prepare or file financial accounts, annual returns or records. Harneys publishes fourth edition of authoritative bvi commercial law. British virgin islands company law wikimili, the free. British virgin island corporation formation, registration. Corporate books, minutes and records can be stored anywhere. Find out more in the chambers and partners global guide. Local laws and customs british virgin islands british. The dlca office of the virgin islands is also the head of the department of trademarks and corporations. The offshore corporation is easy to incorporate and easy to maintain.
The office also takes care of all the legal obligations in regard to setting up a business in virgin islands. The profile section contains a list of firms that have taken out commercial profiles in the legal 500. The book provides a deep analytical view of the offshore jurisdictions legal landscape as it relates to companies, partnerships, credit and security, mutual funds, insolvency, dispute resolution, taxation, trusts and more. Get unbeatable bvi offshore company incorporation prices here as we offer the best packages and rates for. Our ambition is to provide unparalleled confidential service, professionalism, dedication and commitment to our clients. Those service providers are the equivalent of mossack fonseca, the law firm at the heart of the panama papers.
The british virgin islands has approximately 30 registered companies per head of population, whic. Bermuda, british virgin islands and cayman islands company law. The population is approximately 17 000 and the official language is english. Business services and topics government of the virgin. The british virgin islands has approximately 30 registered companies per head of population, which is probably the highest ratio of any country in the world. The british virgin islands consists of 4 larger islands and 32 smaller islands and islets.
Litigation and enforcement in the british virgin islands. As a leading offshore financial centre, the territory has extremely modern statutes dealing with company law, insolvency, banking law, trust law, insurance and other related matters. This book will provide the reader with a general introduction to companies and company laws in bermuda, the bvi and the cayman islands with particular. Incorporated, a law firm founded by barrister and solicitor david a. Top sights in british virgin islands, caribbean tripadvisor. The emphasis of british virgin islands company law is to protect the rights of creditors and members i. The gazette is the official newspaper of the government of the virgin islands. The law of the british virgin islands is a combination of common law and statute, and is based heavily upon english law. Bvi company law provides minimum obligation to file any returns or reports. Strategic information and laws null edition by usa international business publications author. The secretary of state of virgin islands is also responsible for developing the appropriate forms required while filing and authorizing a business entity in the state.
In other words it acts as the registry of registered corporations in the state. All dividends, compensations, rents, and royalties are also exempted from bvi taxes. Learn how to incorporate and find out how business structures of a british virgin island corporation can benefit you. Most of the emphasis of bankruptcy law in the british virgin islands relates to corporate insolvency rather than personal bankruptcy. Bvi company registration british virgin islands information. The important notes on shelf company registration, company documents, ordering. The fourth edition of this landmark work bermuda, british virgin islands and cayman islands company law is an indispensable, practical guide to the laws of these important jurisdictions.
You do not need to have meetings in the british virgin islands. British virgin islands commercial law 3rd ed wildy. Learn more about the jurisdiction of the british virgin islands. Kitts and nevis, with an administrator representing the british government on the islands. Law in the british virgin islands tends to be a combination of the very old and the very new. British virgin islands, british overseas territory in the eastern caribbean sea.
The british virgin islands consist of 60 separate islands, situated to the north west of the american virgin islands, 60 miles from puerto rico. The british virgin islands, known affectionately as the bvi, is the worlds preeminent offshore jurisdiction for company incorporations. Nov 01, 2006 the best of the british virgin islands. The use of offshore vehicles for international financial transactions is flourishing and is becoming more and more popular in the asia pacific region. Laws of the british virgin islands social security cap 266 social security contributions regulations, wages has the meaning assigned to it in regulation 43. Harneys publishes fourth edition of authoritative bvi commercial law textbook. Go ahead and register your company in the bvi today. Around the world in 80 books books set in the caribbean. There is technically still income tax assessed in the british virgin islands for companies and individuals, but. The islands gained separate colony status in 1960 and became autonomous in 1967 under the new post of.
Set up a company and open a bank account in british virgin islands. The judicial system is based on english common law, with. Corporate income tax the british virgin islands does not levy corporate tax, including no taxes on capital gains and investment income. British virgin islands offshore company incorporation. Accountability is the official body charged with overseeing the corporate service providers that set up and manage shell companies. Harneys is pleased to announce the publication of the fourth edition of its british virgin islands commercial law, the leading legal textbook on the laws of the british virgin islands. Our offices are located in east end, tortola, british virgin islands. British virgin islands law firm directory from the legal 500. Welcome to the website of the law offices of david a. Bvi ibc or bvi offshore company is a tax free company incorporated in the british virgin islands. The british virgin islands are a party to two doubletaxation avoidance treaties, with japan and switzerland, initially entered into by the united kingdom and extended to cover the british virgin islands although the territory does not have a tax treaty with the united kingdom itself.
Already established as the leading book in this area, bermuda, british virgin islands and cayman islands company law discusses company law in these jurisdictions. Registry of corporate affairs british virgin islands. While the editorial is independent from the commercial profiles, the profiles allow inhouse counsel to see an overview of the firms strengths, locations, key contacts, individual lawyer biographies. Virgin islands legal, judicial, and governmental sources accessible through the internet links provide access to primary documents, legal commentary, and general government information about specific jurisdictions and topics. The intellectual property unit within the registry of corporate affairs is responsible for administering all laws relating to intellectual property in the british virgin islands. Segregated portfolio companies regulations, 2005 s.
The british virgin islands were administered variously as part of the british leeward islands or with st. The british virgin islands red cross is a nonprofit, volunteerrun, humanitarian organization, and through its many programs provides assistance to persons within the bvi who are in need. Only go outside for food, health reasons or work but only if you cannot work from home if you go out, stay 2 metres 6ft away from other people at all times. Relations between the united states and british virgin islands are good. British virgin islands commercial law is the only publication that focuses exclusively on the british virgin islands. When did the franchise tax minimum increase for domestic and foreign profit corporations. Bermuda, british virgin islands and cayman islands company. Contact the head of bvi corporate practice robert j. Statements and reporting requirements virgin islands, british. The december 2001 enactment of the financial services commission act, 2001 established the british virgin islands financial services commission as an autonomous regulatory authority responsible for the regulation, supervision and inspection of. Second, for the purposes of applying the irc to the virgin islands, a domestic corporation is a corporation incorporated in the virgin islands, while a foreign corporation is one chartered elsewhere, including the untied states.
British virgin islands bvi corporations receive many benefits including. Waste no more time and start making huge savings on taxes and piling up on profits. An indispensable guide for anyone visiting tortola, virgin gorda, jost van dyke, anegada, cooper, guana, and all other bvi destinations acheson, pamela, myers, richard b. The rights of other stakeholders, such as employees, customers and wider society are given comparatively little protection. May 03, 2018 a new british law could have big ripple effects as part of a global trend toward financial transparency. British virgin islands commonwealth caribbean law research. Links provide access to primary documents, legal commentary, and general government information about specific jurisdictions and topics. British virgin islands bankruptcy law is principally codified in the insolvency act, 2003, and to a lesser degree in the insolvency rules, 2005.
British virgin islands company law is primarily codified in the bvi business companies act, 2004, and to a lesser extent by the insolvency act, 2003 and the. May 02, 2012 corporate books, minutes and records can be stored anywhere. Links provide access to primary documents, legal commentary, and general government information about. Starting a business in the british virgin islands tricor. Apr 30, 20 the structure of corporations in the british virgin islands. We act for the worlds leading banks, financial institutions, corporations and high networth individuals, providing quality legal advice. Bvi business companies are exempt from local taxes and stamp duty, even if they are administered in bvi. The british virgin islands is an internally selfgoverning colony with a ministerial system of government operating under a constitution adopted in 1967. Virgin islands business entity and corporation search vi. Particularly in asia, a british virgin island company is a very popular legal entity.
An indispensable guide for anyone visiting tortola, virgin gorda, jost van dyke. Disclosure of who really owns offshore companies can counter crime and reduce the. Caribbean tax planning opportunities for the pacific rim. No withholding tax is levied on dividend, interest and royalty payments to. The bvi international business company also called a bvi corporation has excellent tax benefits for its beneficial owners. When searching for jurisdictions form a corporation, many business owners feel that bvi is a good choice because of the privacy and tax benefits. Latest travel advice for british virgin islands including safety and security, entry requirements, travel warnings and health local laws and customs british virgin islands british overseas. Why and how to form an offshore company in the british virgin. Marlins claim british virgin islands citizenship in lawsuit. The organization is a part of a global voluntary network, responding to conflicts, natural disasters and individual emergencies, whether health or social. The british virgin islands bvi is a british overseas territory. Also, there is no requirement to prepare and file financial declarations that are usually associated with income tax reporting.
Establishing a business in the british virgin islands practical law. Our ambition is to provide unparalleled confidential service, professionalism, dedication and commitment to. Incorporate a company in british virgin islands, open an offshore bank account, and learn what are the legal requirements and taxes in british virgin islands to set up an international business. Corporate services british virgin islands financial. Through this department the office of the secretary of state, maintains a steady record of all the businesses and entities that are filed and authorized in virgin islands. British virgin islands law firm directory the profile section contains a list of firms that have taken out commercial profiles in the legal 500. Caribbean sea, 50 miles east of puerto rico surface area. British virgin islands company law is primarily codified in the bvi business companies act, 2004, and to a lesser extent by the insolvency act, 2003 and the securities and investment business act, 2010. This guide to law online british virgin islands contains a selection of british virgin islander legal, juridical, and governmental sources accessible through the internet. British virgin islands bankruptcy law wikimili, the free. The british virgin islands is a british overseas territory, selfgoverened since 1967, with the queen appointing a governor responsible for administration of the britishowned portion of the virgin islands archipelago. Bvi business companies act, 2004 british virgin islands.
1187 562 1518 126 620 1511 834 1275 1162 1094 1556 1069 760 1238 1443 1194 132 115 1131 914 597 330 1190 520 363 297 113 395 408 720